Hsbc Holdings PLC Raises Position in MGIC Investment Corporation $MTG

Hsbc Holdings PLC boosted its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 24.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 207,412 shares of the insurance provider’s stock after buying an additional 40,751 shares during the period. Hsbc Holdings PLC’s holdings in MGIC Investment were worth $6,089,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new position in MGIC Investment in the 3rd quarter worth about $28,000. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment during the 4th quarter valued at about $36,000. SBI Securities Co. Ltd. boosted its position in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Clearstead Advisors LLC grew its holdings in shares of MGIC Investment by 24.7% during the third quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 438 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares of the company’s stock, valued at $4,333,791. This represents a 10.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 201,070 shares of company stock valued at $5,270,740 in the last 90 days. Insiders own 1.34% of the company’s stock.

MGIC Investment Stock Performance

NYSE:MTG opened at $27.88 on Friday. The business has a 50 day moving average of $26.50 and a 200 day moving average of $27.01. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 1.92 and a beta of 0.68. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business had revenue of $297.08 million during the quarter, compared to the consensus estimate of $303.12 million. During the same period in the previous year, the firm posted $0.75 earnings per share. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, sell-side analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s payout ratio is currently 19.05%.

Analyst Upgrades and Downgrades

MTG has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. UBS Group decreased their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MGIC Investment in a report on Monday, June 15th. Finally, Barclays dropped their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $28.25.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.